Company Quick10K Filing
⚲
Enterprise Products Partners
Financials
Price28.64 EPS2
Shares2,202 P/E13
MCap63,074 P/FCF13
Net Debt26,989 EBIT5,854
TEV90,062 TEV/EBIT15
TTM 2019-09-30, in MM, except price, ratios
Filings
10-Q 2020-06-30 Filed 2020-08-10
10-Q 2020-03-31 Filed 2020-05-08
10-K 2019-12-31 Filed 2020-02-28
10-Q 2019-09-30 Filed 2019-11-08
10-Q 2019-06-30 Filed 2019-08-09
10-Q 2019-03-31 Filed 2019-05-08
10-K 2018-12-31 Filed 2019-03-01
10-Q 2018-09-30 Filed 2018-11-08
10-Q 2018-06-30 Filed 2018-08-08
10-Q 2018-03-31 Filed 2018-05-09
10-K 2017-12-31 Filed 2018-02-28
10-Q 2017-09-30 Filed 2017-11-06
10-Q 2017-06-30 Filed 2017-08-04
10-Q 2017-03-31 Filed 2017-05-08
10-K 2016-12-31 Filed 2017-02-24
10-Q 2016-09-30 Filed 2016-11-04
10-Q 2016-06-30 Filed 2016-08-03
10-Q 2016-03-31 Filed 2016-05-06
10-K 2015-12-31 Filed 2016-02-26
10-Q 2015-09-30 Filed 2015-11-06
10-Q 2015-06-30 Filed 2015-08-07
10-Q 2015-03-31 Filed 2015-05-08
10-K 2014-12-31 Filed 2015-03-02
10-Q 2014-09-30 Filed 2014-11-10
10-Q 2014-06-30 Filed 2014-08-11
10-Q 2014-03-31 Filed 2014-05-09
10-K 2013-12-31 Filed 2014-03-03
10-Q 2013-09-30 Filed 2013-11-12
10-Q 2013-06-30 Filed 2013-08-08
10-Q 2013-03-31 Filed 2013-05-08
10-K 2012-12-31 Filed 2013-03-01
10-Q 2012-09-30 Filed 2012-11-09
10-Q 2012-06-30 Filed 2012-08-09
10-Q 2012-03-31 Filed 2012-05-10
10-K 2011-12-31 Filed 2012-02-29
10-Q 2011-09-30 Filed 2011-11-09
10-Q 2011-06-30 Filed 2011-08-09
10-Q 2011-03-31 Filed 2011-05-10
10-K 2010-12-31 Filed 2011-03-01
10-Q 2010-09-30 Filed 2010-11-09
10-Q 2010-06-30 Filed 2010-08-09
10-Q 2010-03-31 Filed 2010-05-10
10-K 2009-12-31 Filed 2010-03-01
Reports
8-K 2020-08-07 Enter Agreement, Other Events, Exhibits
8-K 2020-07-30 Other Events, Exhibits
8-K 2020-07-29 Earnings, Exhibits
8-K 2020-06-24
8-K 2020-04-29
8-K 2020-04-03
8-K 2020-03-05
8-K 2020-02-25
8-K 2020-01-30
8-K 2020-01-28
8-K 2020-01-15
8-K 2020-01-06
8-K 2020-01-01
8-K 2019-10-28
8-K 2019-09-10
8-K 2019-09-01
8-K 2019-08-16
8-K 2019-07-30
8-K 2019-07-09
8-K 2019-07-08
8-K 2019-06-24
8-K 2019-06-07
8-K 2019-04-30
8-K 2019-04-15
8-K 2019-03-01
8-K 2019-01-30
8-K 2019-01-03
8-K 2018-12-20
8-K 2018-12-03
8-K 2018-10-30
8-K 2018-10-11
8-K 2018-10-03
8-K 2018-09-11
8-K 2018-08-24
8-K 2018-07-31
8-K 2018-06-06
8-K 2018-04-27
8-K 2018-03-05
8-K 2018-02-15
8-K 2018-02-01
8-K 2018-01-30

EPD 10Q Quarterly Report

Content
Part I. Financial Information.
Item 1. Financial Statements.
Note 1. Partnership Organization and Basis of Presentation
Note 2. Summary of Significant Accounting Policies
Note 3. Inventories
Note 4. Property, Plant and Equipment
Note 5. Investments in Unconsolidated Affiliates
Note 6. Intangible Assets and Goodwill
Note 7. Debt Obligations
Note 8. Equity and Distributions
Note 9. Revenues
Note 10. Business Segments and Related Information
Note 11. Income Taxes
Note 12. Earnings per Unit
Note 13. Equity - Based Awards
Note 14. Derivative Instruments, Hedging Activities and Fair Value Measurements
Note 15. Related Party Transactions
Note 16. Commitments and Contingencies
Note 17. Supplemental Cash Flow Information
Note 18. Condensed Consolidating Financial Information
Note 19. Subsequent Events
Item 2. Management's Discussion and Analysis of Financial Condition And
Item 3. Quantitative and Qualitative Disclosures
Item 4. Controls and Procedures.
Part II. Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 3. Defaults Upon Senior Securities.
Item 4. Mine Safety Disclosures.
Item 5. Other Information.
Item 6. Exhibits.
Exhibits
EX-31.1 exhibit31_1.htm
EX-31.2 exhibit31_2.htm
EX-32.1 exhibit32_1.htm
EX-32.2 exhibit32_2.htm

Enterprise Products Partners Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
655239261302012201420172020
Assets, Equity
 151296302012201420172020
Rev, G Profit, Net Income
 2.11.0-0.2-1.3-2.5-3.62012201420172020
Ops, Inv, Fin

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-Q

☑  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2020

OR
☐  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___  to  ___.

Commission file number:  1-14323

ENTERPRISE PRODUCTS PARTNERS L.P.
(Exact Name of Registrant as Specified in Its Charter)

Delaware
 
76-0568219
(State or Other Jurisdiction of Incorporation or Organization)
 
(I.R.S. Employer Identification No.)
 
1100 Louisiana Street, 10th Floor
Houston, Texas 77002
    (Address of Principal Executive Offices, including Zip Code)
(713) 381-6500
(Registrant’s Telephone Number, including Area Code)

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:

Title of Each Class
Trading Symbol(s)
Name of Each Exchange On Which Registered
Common Units
EPD
New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes ☑  No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes ☑   No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer ☑
Accelerated filer ☐
Non-accelerated filer   ☐
Smaller reporting company ☐
Emerging growth company   ☐
  

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐   

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes ☐   No ☑ 

There were 2,185,896,433 common units of Enterprise Products Partners L.P. outstanding at the close of business on July 31, 2020. 

ENTERPRISE PRODUCTS PARTNERS L.P.
TABLE OF CONTENTS

 
 
Page No.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  

1

PART I.  FINANCIAL INFORMATION.

ITEM 1.  FINANCIAL STATEMENTS.

ENTERPRISE PRODUCTS PARTNERS L.P.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in millions)

   
June 30,
2020
    
December 31,
2019
  
ASSETS
            
Current assets:
            
Cash and cash equivalents
  
$
1,298.5
    
$
334.7
  
Restricted cash
    
138.1
      
75.3
  
Accounts receivable – trade, net of allowance for doubtful accounts
of $13.9 at June 30, 2020 and $12.4 at December 31, 2019
    
2,907.7
      
4,873.6
  
Accounts receivable – related parties
    
2.6
      
2.5
  
Inventories
    
2,024.1
      
2,091.4
  
Derivative assets
    
209.7
      
127.2
  
Prepaid and other current assets
    
535.6
      
358.2
  
Total current assets
    
7,116.3
      
7,862.9
  
Property, plant and equipment, net
    
42,538.4
      
41,603.4
  
Investments in unconsolidated affiliates
    
2,547.4
      
2,600.2
  
Intangible assets, net of accumulated amortization of $1,763.7 at
June 30, 2020 and $1,687.5 at December 31, 2019 (see Note 6)
    
3,379.4
      
3,449.0
  
Goodwill (see Note 6)
    
5,745.2
      
5,745.2
  
Other assets
    
617.8
      
472.5
  
Total assets
  
$
61,944.5
    
$
61,733.2
  
 
                
LIABILITIES AND EQUITY
                
Current liabilities:
                
Current maturities of debt (see Note 7)
  
$
2,325.0
    
$
1,981.9
  
Accounts payable – trade
    
902.5
      
1,004.5
  
Accounts payable – related parties
    
89.3
      
162.3
  
Accrued product payables
    
2,803.5
      
4,915.7
  
Accrued interest
    
461.7
      
431.7
  
Derivative liabilities
    
385.4
      
122.4
  
Other current liabilities
    
515.0
      
511.2
  
Total current liabilities
    
7,482.4
      
9,129.7
  
Long-term debt (see Note 7)
    
27,285.2
      
25,643.2
  
Deferred tax liabilities (see Note 11)
    
481.6
      
100.4
  
Other long-term liabilities
    
753.9
      
1,032.4
  
Commitments and contingencies (see Note 16)
    
     
 
Equity: (see Note 8)
                
Partners’ equity:
                
Limited partners:
                
Common units (2,240,703,785 units issued and 2,185,896,433 units outstanding at
   June 30, 2020, 2,189,226,130 units issued and outstanding at December 31, 2019)
    
26,321.1
      
24,692.6
  
Treasury units, at cost (54,807,352 units at June 30, 2020) (see Note 8)
    
(1,297.3
)
    
–
  
Accumulated other comprehensive income (loss)
    
(147.1
)
    
71.4
  
Total  partners’ equity
    
24,876.7
      
24,764.0
  
Noncontrolling interests
    
1,064.7
      
1,063.5
  
Total equity
    
25,941.4
      
25,827.5
  
Total liabilities and equity
  
$
61,944.5
    
$
61,733.2
  



See Notes to Unaudited Condensed Consolidated Financial Statements.
2

ENTERPRISE PRODUCTS PARTNERS L.P.
UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED OPERATIONS
 (Dollars in millions, except per unit amounts)

 
  
For the Three Months
Ended June 30,
    
For the Six Months
Ended June 30,
  
 
  
2020
    
2019
    
2020
    
2019
  
Revenues:
                        
Third parties
  
$
5,745.3
    
$
8,250.5
    
$
13,211.8
    
$
16,781.7
  
Related parties
    
5.7
      
25.8
      
21.7
      
38.1
  
Total revenues (see Note 9)
    
5,751.0
      
8,276.3
      
13,233.5
      
16,819.8
  
Costs and expenses:
                                
Operating costs and expenses:
                                
Third parties
    
4,063.9
      
6,469.5
      
9,799.2
      
13,124.8
  
Related parties
    
306.5
      
331.4
      
631.5
      
695.8
  
Total operating costs and expenses
    
4,370.4
      
6,800.9
      
10,430.7
      
13,820.6
  
General and administrative costs:
                                
Third parties
    
23.8
      
21.4
      
46.8
      
41.8
  
Related parties
    
33.2
      
31.1
      
65.7
      
62.9
  
Total general and administrative costs
    
57.0
      
52.5
      
112.5
      
104.7
  
Total costs and expenses (see Note 10)
    
4,427.4
      
6,853.4
      
10,543.2
      
13,925.3
  
Equity in income of unconsolidated affiliates
    
113.3
      
137.4
      
254.1
      
292.0
  
Operating income
    
1,436.9
      
1,560.3
      
2,944.4
      
3,186.5
  
Other income (expense):
                                
Interest expense
    
(320.2
)
    
(290.1
)
    
(637.7
)
    
(567.3
)
Change in fair market value of Liquidity Option
    
–
      
(26.6
)
    
(2.3
)
    
(84.4
)
Interest income
    
2.9
      
0.7
      
10.1
      
2.0
  
Other, net
    
0.9
      
1.9
      
1.8
      
2.1
  
Total other expense, net
    
(316.4
)
    
(314.1
)
    
(628.1
)
    
(647.6
)
Income before income taxes
    
1,120.5
      
1,246.2
      
2,316.3
      
2,538.9
  
Benefit from (provision for) income taxes (see Note 11)
    
(59.7
)
    
(9.7
)
    
119.5
      
(22.0
)
Net income
    
1,060.8
      
1,236.5
      
2,435.8
      
2,516.9
  
Net income attributable to noncontrolling interests
    
(26.1
)
    
(21.8
)
    
(51.0
)
    
(41.7
)
Net income attributable to limited partners
  
$
1,034.7
    
$
1,214.7
    
$
2,384.8
    
$
2,475.2
  
 
                                
Earnings per unit: (see Note 12)
                                
Basic and diluted earnings per unit
  
$
0.47
    
$
0.55
    
$
1.08
    
$
1.12
  


















See Notes to Unaudited Condensed Consolidated Financial Statements.
3


ENTERPRISE PRODUCTS PARTNERS L.P.
UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED
COMPREHENSIVE INCOME
(Dollars in millions)

 
  
For the Three Months
Ended June 30,
    
For the Six Months
Ended June 30,
  
 
  
2020
    
2019
    
2020
    
2019
  
 
                        
Net income
  
$
1,060.8
    
$
1,236.5
    
$
2,435.8
    
$
2,516.9
  
Other comprehensive income (loss):
                                
Cash flow hedges: (see Note 14)
                                
Commodity hedging derivative instruments:
                                
Changes in fair value of cash flow hedges
    
(78.2
)
    
81.5
      
396.9
      
(13.7
)
Reclassification of gains to net income
    
(208.7
)
    
(2.2
)
    
(364.3
)
    
(60.5
)
Interest rate hedging derivative instruments:
                                
Changes in fair value of cash flow hedges
    
7.8
      
(5.2
)
    
(284.2
)
    
(5.2
)
Reclassification of losses to net income
    
9.7
      
9.2
      
33.2
      
18.4
  
Total cash flow hedges
    
(269.4
)
    
83.3
      
(218.4
)
    
(61.0
)
Other
    
–
      
–
      
(0.1
)
    
(0.6
)
Total other comprehensive income (loss)
    
(269.4
)
    
83.3
      
(218.5
)
    
(61.6
)
Comprehensive income
    
791.4
      
1,319.8
      
2,217.3
      
2,455.3
  
Comprehensive income attributable to noncontrolling interests
    
(26.1
)
    
(21.8
)
    
(51.0
)
    
(41.7
)
Comprehensive income attributable to limited partners
  
$
765.3
    
$
1,298.0
    
$
2,166.3
    
$
2,413.6
  
  





























See Notes to Unaudited Condensed Consolidated Financial Statements.
4


ENTERPRISE PRODUCTS PARTNERS L.P.
UNAUDITED CONDENSED STATEMENTS OF CONSOLIDATED CASH FLOWS
(Dollars in millions)

 
  
For the Six Months
Ended June 30,
  
 
  
2020
    
2019
  
Operating activities:
            
Net income
  
$
2,435.8
    
$
2,516.9
  
Reconciliation of net income to net cash flows provided by operating activities:
                
Depreciation, amortization and accretion
    
1,031.7
      
963.1
  
Asset impairment and related charges
    
13.4
      
11.8
  
Equity in income of unconsolidated affiliates
    
(254.1
)
    
(292.0
)
Distributions received from unconsolidated affiliates attributable to earnings
    
257.6
      
291.1
  
Net gains attributable to asset sales
    
(1.5
)
    
(2.5
)
Deferred income tax expense (benefit)
    
(130.7
)
    
4.2
  
Change in fair market value of derivative instruments
    
(91.4
)
    
(83.8